Forex is fake business addresses
The point spread between the bid and ask basically reflects the commission of a back-and-forth transaction processed through a broker. These spreads typically differ between currency pairs. The scam occurs when those point spreads differ widely among brokers. Key Takeaways Many scams in the forex market are no longer as pervasive due to tighter regulations, but some problems still exist. One shady practice is when forex brokers offer wide bid-ask spreads on certain currency pairs, making it more difficult to earn profits on trades.
Be careful of any offshore, unregulated broker. Individuals and companies that market systems—like signal sellers or robot trading—sometimes sell products that are not tested and do not yield profitable results. If the forex broker is commingling funds or limiting customer withdrawals, it could be an indicator that something fishy is going on.
A pip is the smallest price move that a given exchange rate makes based on market convention. Since most major currency pairs are priced to four decimal places, the smallest change is that of the last decimal point. Factor in four or more additional pips on every trade, and any potential gains resulting from a good trade can be eaten away by commissions, depending on how the forex broker structures their fees for trading.
This scam has quieted down over the last 10 years, but be careful of any offshore retail brokers that are not regulated by the CFTC, NFA , or their nation of origin. Many saw a jail cell for these computer manipulations. But the majority of violators have historically been United States-based companies, not the offshore ones. The Signal-Seller Scam A popular modern-day scam is the signal seller. Signal sellers are retail firms, pooled asset managers, managed account companies, or individual traders that offer a system—for a daily, weekly, or monthly fee—that claims to identify favorable times to buy or sell a currency pair based on professional recommendations that will make anyone wealthy.
They tout their long experience and trading abilities, plus testimonials from people who vouch for how great a trader and friend the person is, and the vast wealth that this person has earned for them. All the unsuspecting trader has to do is hand over X amount of dollars for the privilege of trade recommendations.
Many of signal-seller scammers simply collect money from a certain number of traders and disappear. Some will recommend a good trade now and then, to allow the signal money to perpetuate. This new scam is slowly becoming a wider problem. Although there are signal sellers who are honest and perform trade functions as intended, it pays to be skeptical.
Here is how you spot them. They generate new email addresses for almost every scam. Signing up to social media and online platforms with them is not something fraudsters have a reason to do — and even if they did, it is a pain to recreate for every fake persona. Instead, their goal is to create as many online accounts as possible in order to access your FX trading service and take advantage of sign-up bonuses, conduct money laundering, or any number of other schemes.
There are various ways to check for a social profile. You can manually look for their accounts based on the first and last name you capture as part of your KYC process. Or you can see if an email address or phone number is linked to the profiles. The latter has a tremendous advantage: It delivers results in real-time, automatically and without friction. How exactly does it help with KYC? Once again, you can identify malicious attempts by bad actors to hide their true devices.
This can be done via privacy-enhancing browsers or emulators, which fraudsters rely on to create multiple online profiles from the same machine. These browsers are designed to hide technical data such as user agent, cookies, and even IP addresses. Here again, the key is to deploy tools that can find suspicious data patterns. With a platform like SEON, for instance, you can visualize connections between suspicious data points, and identify more fraudulent attempts over time.
It is a modular tool that lets you extract as much data as possible from your users at any touchpoint, including during the onboarding, transaction and withdrawal stage. The goal of all that data? SEON lets you completely control your fraud rules, and even leverages machine learning to help you identify criminal patterns over time.
Ready to make your FX trading service fraud-proof? You can get started with SEON today by signing up for a free trial, no card required.
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